The company has announced partnerships with CNN, Fox Sports, Live NationLYV1.44%, NBC Sports, and HBO, among other networks, and seeks to differentiate itself from other VR creators by specializing in immersing users in live events like Coldplay concerts and the Kentucky Derby.

NextVR officials say China is betting big on VR tech.

“The U.S. is excited about VR,” NextVR Executive Chairman Brad Allen told The Journal. “But China is even more excited about VR…China looks at this as an opportunity to be in on the ground floor.”